Teesside firm Quorn Foods has been sold to an Asian company for $831m.
Monde Nissin, of the Philippines, has snapped up the Stokesley-based meat substitute producer – advertised in the UK by Olympic Gold winner Mo Farrah – for £550m.
The company was put up for auction earlier this month and attracted interest from global food companies including Danone and chip giant McCain.
Quorn, a meat substitute made from fungus, is produced at its factory in Stokesley, Norh Yorkshire.
The company expects to increase the number of people employed at its sites.
Quorn is sold on its own for use in recipes at home or in ready meals and products that mimic items such as burgers and sausages. It is available in 15 countries.
Quorn’s chief executive, Kevin Brennan, said the deal would help the business grow.
“We have an ambition to be the world leader in meat alternatives, ultimately creating a $1bn business,” he said.
“Monde Nissin provides the capability to expand the brand into Asia.”
Quorn Foods has around 620 employees on three UK sites and internationally, including two on Teesside – Stokesley and Billingham – as well as Methwold in Norfolk, as well as Frankfurt in Germany, and Chicago in the US.